Project management has evolved from a set of processes that were once considered “nice to have” to a structured methodology that is considered mandatory for the survival of the firm. Companies are now realizing that their entire business, including most of the routine activities, can be regarded as a series of projects. Simply stated, we are managing our business by projects. Project management is now regarded as both a project management process and a business process.

Therefore, project managers are expected to make business decisions as well as project decisions. The necessity for achieving project management excellence is now readily apparent to almost all businesses. As the relative importance of project management permeates each facet of the business, knowledge is captured on best practices in project management. Some companies view this knowledge as intellectual property to be closely guarded in the vaults of the company. Others share this knowledge in hope of discovering other best practices. Companies are now performing strategic planning for project management because of the benefits and its contribution to sustainable business value.

One of the benefits of performing strategic planning for project management is that it usually identifies the need for capturing and retaining best practices. Unfortunately, this is easier said than done. One of the reasons for this difficulty, as is seen later in the chapter, is that companies today are not in agreement on the definition of a best practice, nor do they understand that best practices lead to continuous improvement, which in turn leads to the capturing of more best practices. Many companies also do not recognize the value and benefits that can come from best practices.

Today, project managers are capturing best practices in both project management activities and business activities. The reason is simple: The best practices are intellectual property that encourages companies to perform at higher levels. Best practices lead to added business value, greater benefit realization, and better benefits management activities. Project management and business thinking are no longer separate activities Project management is now regarded as the vehicle that provides the deliverables that create business benets and business value. In the last few years, there has been a tremendous growth in the need for capturing best practices related to benets realization management and value creation.